20 Feb 2015
EUR/GBP little changed post mixed German data
FXStreet (Mumbai) - EUR/GBP remains near lows during the European session after mixed German PMI readings with factory output remaining unchanged in February.
UK retail sales data in focus
The EUR/GBP pair trades -0.26% lower at 0.7356 levels, retreating from close to seven year low levels at 0.7340 levels posted before the data release. EUR/GBP was unmoved by German PMI data which showed that February's preliminary PMI for Germany's manufacturing sector came in at 50.9, the same as January's final reading, but short of expectations of 51.5. Meanwhile, activity in the country's service sector improved in February, coming in at 55.5 points, above January's 54.0 points.
On the other hand, the pound continues to around a flatline versus the US dollar ahead of UK retail sales data. Meanwhile, a generalized weakness in the EUR/GBP cross may remain ahead of Euro group meeting and UK retail volumes numbers due later in the day.
EUR/GBP Levels to consider
To the upside, the next resistance is located at 0.7371 and above which it could extend gains to at 0.7400 levels. To the downside immediate support might be located at 0.7335 and below that at 0.7300 levels.
UK retail sales data in focus
The EUR/GBP pair trades -0.26% lower at 0.7356 levels, retreating from close to seven year low levels at 0.7340 levels posted before the data release. EUR/GBP was unmoved by German PMI data which showed that February's preliminary PMI for Germany's manufacturing sector came in at 50.9, the same as January's final reading, but short of expectations of 51.5. Meanwhile, activity in the country's service sector improved in February, coming in at 55.5 points, above January's 54.0 points.
On the other hand, the pound continues to around a flatline versus the US dollar ahead of UK retail sales data. Meanwhile, a generalized weakness in the EUR/GBP cross may remain ahead of Euro group meeting and UK retail volumes numbers due later in the day.
EUR/GBP Levels to consider
To the upside, the next resistance is located at 0.7371 and above which it could extend gains to at 0.7400 levels. To the downside immediate support might be located at 0.7335 and below that at 0.7300 levels.